British technology company Raspberry Pi has said it will list on the London stock exchange in a much-needed boost for the City.
The Cambridge company, best known for selling computers to amateur and amateur programmers, has filed an intention to go public and is expected to be valued at £500m.
The announcement will fuel hopes that the tide is beginning to turn amid an exodus from the London stock market as foreign buyers take control of companies or list their shares elsewhere.
Gambling giant Flutter, owner of Paddy Power and Betfair, is leaving the FTSE 100 this month for New York.
But the portfolio of potential London floats includes fast fashion chain Shein, stalwart Boots and diamond giant De Beers, as well as Raspberry Pi.
A piece of Pi? Raspberry Pi, best known for selling computers to amateur and hobby programmers, will help it list on the London stock exchange.
However, hopes of other high-profile listings have faded in recent years.
Chancellor Jeremy Hunt said the Raspberry Pi plans were “excellent” and show the UK is “open for business”.
Raspberry Pi, founded in 2008, makes products used by enthusiasts to make computer servers or retro game consoles. Profits increased from £16 million to £30 million in 2023.
Co-founder and chief executive Eben Upton said he considered listing in New York but ultimately chose the UK.
And despite concerns about the health of the London Stock Exchange (LSE), there is a feeling that the tide could be turning.
LSE director Julia Hoggett said last week that companies are waiting for new listing rules to come into force.
“We are going through the biggest rewrites of our primary market rules in 40 years and one of the reasons we have seen companies defer is that they are waiting for that rule change,” he said.
Fast fashion brand Shein and Greek energy firm Mytilineos are considering listing in London. And there has been speculation about a Boots IPO and floating its ice cream business spun out of Unilever in the UK.
Anglo American is also said to be considering taking its De Beers diamond business public in London.
Susannah Streeter, analyst at Hargreaves Lansdown, said: ‘An end to the IPO drought is now in sight. Optimism breeds more confidence, and the recent record rally in the FTSE 100 has enveloped London in a new glow of positivity.’
